Yesterday the USDJPY traded softly after reaching a high of 149.51 yen shortly after GMT 22:00, then hit a low of 148.47 yen shortly after GMT 08:00. From there, it remained range-bound in the upper 148-yen range, and trading for the day closed at 148.59 yen.

Today the USDJPY peaked at 148.84 yen shortly after GMT 00:30, then continued falling to reach a low of 148.42 yen shortly after GMT 04:00. Minutes from the BOJ meeting and other factors have heightened expectations for additional rate hikes, increasing pressure for yen buying.

Looking at the 1-hour chart of the USDJPY (as of GMT 05:00 on September 30), it has broken below its range and the downtrend continues. The next target appears to be around the 148.0‑yen level.

(20-period Bollinger Band, showing ±1 and ±2 standard deviations)

The main economic indicators for today are as follows:

• GMT 13:00 U.S. July Case-Shiller home price index
• GMT 13:45 U.S. September Chicago Purchasing Managers Index
• GMT 14:00 U.S. August JOLTS Job Openings
• GMT 14:00 U.S. September Consumer Confidence Index (Conference Board)